Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to ...

In 2024, the U.S. P/C segment’ s combined ratio dropped 5.1 percentage points to 96.6 from a year earlier, which benefitted from 5.4 percentage point drop in the loss and loss adjusted expense ratio.